The company also appointed Michael (Motty) Sacks as an independent non-executive director and Chairman of the Audit Committee
“Mr Brian Joffe has been appointed as non-executive Chairman of the Board of Directors of the Company and Mr Michael (Motty) Sacks has been appointed as an independent non-executive director and Chairman of the Audit Committee,” Adcock Ingram said in a statement.
In addition to the appointments, the company said Mr Clifford Raphiri, currently an independent non- executive director of Adcock Ingram, has been appointed as the lead independent director, as required by the JSE Limited Listings Requirements, and in accordance with the King Code, in situations where the Chairman of the Board is not independent.
The company said that in terms of the Companies Act, 71 of 2008, and the Company’s MOI at least 50 per cent of the Directors must be elected by the shareholders of the Company. Consequently, an Extraordinary General Meeting of the Company will be convened as soon as possible to elect Dr Anna Mokgokong, Mr Roshan Morar and Mr Lindsay Ralphs as directors of the Company.
Adcock said until such time as the abovementioned Extraordinary General Meeting has been held and these persons are elected as Directors, they will be invited by the Board to attend the meetings of Directors.
Adcock said the appointments will take effect from the 25th of February 2014.